Seeing Machines Ltd (AIM:SEE, OTC:SEEMF, FRA:M2Z) CEO Paul McGlone and CFO Martin Ive talked with Proactive's Stephen Gunnion about the company’s unaudited first-half results, highlighting a shift in revenue mix, strong royalty growth, and a clear pathway toward profitability.
McGlone explained that while overall revenue declined, this was largely due to reduced non-recurring engineering (NRE) income and the conclusion of certain licensing agreements. He emphasised that this shift improves revenue quality, noting that “the quality of the revenue is significantly enhanced because there's a materially higher margin in royalties”.
The discussion focused heavily on the impact of the upcoming General Safety Regulation (GSR) requirements in Europe, which are expected to drive significant royalty growth. Seeing Machines anticipates a sharp increase in production volumes, with McGlone outlining expectations to deliver over 8 million units in 2026, supported by strong OEM partnerships and market positioning.
Ive highlighted improving profitability driven by higher automotive royalties, better margin mix, and cost efficiencies implemented over the past 12–18 months. The company remains on track to achieve positive adjusted EBITDA in the second half, supported by a projected 3.5x to 4x uplift in production run rates.
The interview also covered progress in the Guardian aftermarket business, refinancing plans, and new technology developments, including interior cabin perception mapping, which could unlock opportunities in autonomous vehicles and adjacent sectors.
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